Connor Clark & Lunn Investment Management Ltd. purchased a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 42,425 shares of the asset manager's stock, valued at approximately $4,823,000.
A number of other large investors have also added to or reduced their stakes in the stock. TD Private Client Wealth LLC raised its holdings in T. Rowe Price Group by 91.8% in the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager's stock valued at $26,000 after acquiring an additional 123 shares in the last quarter. DV Equities LLC acquired a new stake in shares of T. Rowe Price Group during the 4th quarter worth $32,000. Bank & Trust Co grew its holdings in shares of T. Rowe Price Group by 52.4% during the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager's stock worth $36,000 after purchasing an additional 108 shares in the last quarter. Motiv8 Investments LLC bought a new position in shares of T. Rowe Price Group in the fourth quarter worth $35,000. Finally, Keating Financial Advisory Services Inc. bought a new position in shares of T. Rowe Price Group in the second quarter worth $39,000. Institutional investors and hedge funds own 73.39% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on TROW shares. Weiss Ratings raised shares of T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 2nd. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $109.00 target price on shares of T. Rowe Price Group in a report on Monday, August 3rd. The Goldman Sachs Group boosted their target price on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a "sell" rating in a research report on Tuesday, June 30th. Barclays cut their price target on shares of T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating for the company in a report on Monday, August 3rd. Finally, Morgan Stanley set a $116.00 price target on shares of T. Rowe Price Group in a research report on Wednesday, July 29th. Ten investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, T. Rowe Price Group currently has a consensus rating of "Reduce" and a consensus target price of $105.67.
Check Out Our Latest Stock Report on TROW
Insider Buying and Selling at T. Rowe Price Group
In other news, VP Joshua B. Nelson sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total value of $1,118,200.00. Following the sale, the vice president directly owned 71,328 shares in the company, valued at approximately $7,975,896.96. This trade represents a 12.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.60% of the company's stock.
T. Rowe Price Group Stock Performance
T. Rowe Price Group stock opened at $112.36 on Friday. T. Rowe Price Group, Inc. has a 52 week low of $85.22 and a 52 week high of $122.00. The stock has a market capitalization of $23.97 billion, a P/E ratio of 11.27, a price-to-earnings-growth ratio of 3.73 and a beta of 1.47. The stock has a fifty day moving average of $114.28 and a 200-day moving average of $103.29.
T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period last year, the firm posted $2.24 earnings per share. T. Rowe Price Group's revenue was up 10.7% compared to the same quarter last year. On average, research analysts forecast that T. Rowe Price Group, Inc. will post 10.15 earnings per share for the current year.
T. Rowe Price Group Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.6%. T. Rowe Price Group's dividend payout ratio is 52.16%.
About T. Rowe Price Group
(
Free Report)
T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.
The firm's product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.
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